Common use of Collected Funds Clause in Contracts

Collected Funds. The Operating Account will be cleared by Bank daily on mutually agreed upon days as to collected funds, and such collected funds will be applied to the principal balance of and accrued interest then due and payable on the Line. Upon the occurrence and during the continuance of an Event of Default, Bank may apply such collected funds to the Bank Indebtedness in such order as it may elect.

Collected Funds. The Operating Account will be cleared by Bank daily on mutually agreed upon days as to collected funds, and such collected funds will be applied to the principal balance of and accrued interest then due and payable on the Line, at the Bank's election. Upon the occurrence and during the continuance of an Event of Default, Bank may apply such collected funds to the Bank Indebtedness in such order as it may elect.

Collected Funds. The Operating Account will be cleared by Bank daily on mutually agreed upon days as to collected funds, and such collected funds will be applied to the principal balance of and accrued interest then due and payable on the Line. Upon the occurrence and during the continuance of an Event of Default, Bank may apply such collected funds to the Bank Indebtedness in such order as it may elect.

Collected Funds. The Operating Account will be cleared by Bank daily on mutually agreed upon days as to collected funds, and such collected funds will be applied to the principal balance of and accrued interest then due and payable on the LineLine to the extent of then outstanding loans and advances bearing interest at the Prime Rate and loans and advances bearing interest at the LIBOR Rate for which the applicable Rate Period has expired, at the Bank's election. Upon the occurrence and during the continuance of an Event of Default, Bank may apply such collected funds to the Bank Indebtedness in such order as it may elect.